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Pakistan Economic Crisis: At present Pakistan is facing cash crisis. In an attempt to bridge the gap between domestic and foreign exchange reserves, it has sought US$11 billion from its friends China and Saudi Arabia to ensure economic stability in the country till the formation of an elected government. IMF’s bailout program remains on track. This information was given in a media report on Friday (September 29).
According to PTI report, Pakistan has made this demand amid pressure from the caretaker government to effectively expand the tax net in retail, agriculture and real estate sectors and continue the crackdown against the movement of illegal currency.
According to the report of The Dawn newspaper, this information is part of a detailed policy statement issued by Acting Finance Minister Shamshad Akhtar before the Senate Standing Committee on Finance and Revenue chaired by Senator Salim Mandviwala on Thursday (September 28) in Islamabad.
Pakistan will discuss next month
Pakistan’s acting Finance Minister Shamshad Akhtar said the government is currently working on an economic revival plan, which will soon be presented to Caretaker Prime Minister Anwar ul Haq Kakkar and shared with the Senate Standing Committee on Finance. .
The Finance Minister said that the caretaker government had limited scope to undertake comprehensive structural reforms, but promised to complete the reforms, which were part of the IMF’s program to ensure the disbursement of the US$700 million loan package. Acting Finance Minister Shamshad Akhtar said that talks with IMF in this regard will start at the end of October.
elections in pakistan
Pakistan’s acting Finance Minister Shamshad Akhtar said officials are also working on amending laws to bring retail, agriculture and real estate into the effective tax net because without doing so, no government can control the twin deficit.
Akhtar said the caretaker government is seeking support from the courts to resolve the pending cases to get additional Rs 3 trillion. The Election Commission of Pakistan (ECP) recently announced that it will hold elections in the last week of January after finalizing the census data conducted earlier this year.
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